Financial Inclusion/ FinTech Exclusion

by: Yinka Opaneye

Twitter: @okaconsulting

FinTech has helped increase access to financial services and products. Those living in remote locations or lower on the socio-economical scale have greater access to services as a result of the sector. But, there is no deigning the homogeneity of its creators and teams. Do they unintentionally colour and sex their products and services? And in doing so, do they contribute to creating the next generation of the financially excluded?

Prior to FinTech’s arrival there have always been questions raised about how technologies might hold the prejudices of its inventors and designers. Most of this literature was written from a gender or feminist perspective. Of course, consumers adapt how technology is used — sometimes in ways contrary to its original purpose. However, real influence on technological impact must occur upstream at the design stages.

FinTech’s contribution to the various segments of society will be uneven. For example, the disruption within the remittance arena will benefit more women than men. Western Union’s most recently released data showed women sent a larger share of their earnings, and were the main recipients of remittances. It is logical for any FinTech remittance products to be designed and made with greater female input — its primary consumers. It is vital women/other ‘excluded’ groups, who rely on these technologies, are allowed the opportunity to impact at the design stages.

By ‘exclusion’ we do not mean the sector necessarily practices active rejection of these other groups into the design room, and by extension from the benefits of FinTech. There has been a great amount of focus on women in FinTech: but what about the other minorities ‘excluded’ but even less heard? The sector needs to understand its current weakness or risk producing ineffective products of the“shrink it, pink it” type.

Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this initial abstract are invited to share and like it so that it may be featured in a longer version.

The FINTECH Book is due to be released in April 2016 and is available for Pre-Order on Amazon.